Wells FargoNPR Digital Services RSS Generator 0.94NPR Digital Services RSS Generator 0.94Wells FargoWed, 31 Aug 2016 23:45:38 +0000Wells Fargohttp://ripr.org
Scott MacKayFirst Southwest Company, one of the financial institutions involved in the ill-fated 38 Studios deal, is objecting to the state’s recent settlement agreement with two other banks in the ongoing lawsuit against actors in the video game fiasco. Lawyers for First Southwest filed a memorandum in Rhode Island Superior Court objecting to the settlement with Barclays Capital and Wells Fargo Securities, which, if approved by the court, would yield just under $26 million in payments to the state. First Southwest objects to a provision of state law known as the `settlement statute,’ which the bank asserts is unfair and unconstitutional. ``The fundamental unfairness of this rigged game is amplified by the government’s role in this failed loan,’’ the memo states. ``the then governor (Donald Carcieri) and the now imprisoned speaker of the House pushed through the funding legislation without telling legislators they had already earmarked $75 million for 38 Studios.’’ After the loan failed and 38First Southwest Objects to Barclays, Wells Fargo 38 Studios Settlementhttp://ripr.org/post/first-southwest-objects-barclays-wells-fargo-38-studios-settlement
72077 as http://ripr.orgMon, 29 Aug 2016 21:18:38 +0000First Southwest Objects to Barclays, Wells Fargo 38 Studios SettlementScott MacKayScott MacKay Commentary: Will Pols Who Gave Us 38 Studios Pledge No More Moral Obligation Bonds?http://ripr.org/post/scott-mackay-commentary-will-pols-who-gave-us-38-studios-pledge-no-more-moral-obligation-bonds
71972 as http://ripr.orgFri, 26 Aug 2016 22:03:08 +0000Scott MacKay Commentary: Will Pols Who Gave Us 38 Studios Pledge No More Moral Obligation Bonds?Ian DonnisThe US Securities & Exchange Commission on Monday announced that it has charged Wells Fargo Securities and the state agency formerly known as the Economic Development Corporation with defrauding investors in the municipal bond offering used to finance 38 Studios in Rhode Island. US SEC Charges RI Economic Development Agency, Wells Fargo In 38 Studios Casehttp://ripr.org/post/us-sec-charges-ri-economic-development-agency-wells-fargo-38-studios-case
64367 as http://ripr.orgMon, 07 Mar 2016 16:24:36 +0000US SEC Charges RI Economic Development Agency, Wells Fargo In 38 Studios CaseScott MacKay The 38 Studios lawsuit disclosures have once again cast a cloud over the Rhode Island Statehouse. RIPR political analyst Scott MacKay wonders when Rhode Islanders will finally be fed up enough to bring change to Smith Hill. Scott MacKay Commentary: 38 Studios Documents Cast Another Pall Over RI Governmenthttp://ripr.org/post/scott-mackay-commentary-38-studios-documents-cast-another-pall-over-ri-government
57184 as http://ripr.orgFri, 25 Sep 2015 21:31:43 +0000Scott MacKay Commentary: 38 Studios Documents Cast Another Pall Over RI GovernmentIan Donnis, Elisabeth Harrison During a closed session on June 9, 2010, the board of Rhode Island's Economic Development Corporation received a briefing on what then-Governor Don Carcieri suggested was a "fairly significant transaction" that had presented itself to the EDC. EDC Board Told Legislature Knew About And Vetted 38 Studioshttp://ripr.org/post/edc-board-told-legislature-knew-about-and-vetted-38-studios
57103 as http://ripr.orgThu, 24 Sep 2015 17:33:02 +0000EDC Board Told Legislature Knew About And Vetted 38 StudiosScott MacKayRhode Island state government has asked a state Superior Court judge to open to the public records related to the state’s civil suit against several financial companies and law firms in the long-running case to recover damages from those involved in the ill-fated 38 Studios bond deal. Max Wistow, lawyer for the state, argues that the public has a right to know what is happening in the discovery stage of the matter, which has been closed. The defendants, who include Wells Fargo Securities and Adler, Pollock & Sheehan, a Providence law firm, have opposed opening the discovery records to public scrutiny. In his court filing, Wistow said that the Rhode Island Supreme Court has decreed ```the trial of causes should take place under the public eye.’’ 38 Studios was the video-game company run by retired Boston Red Sox pitcher Curt Schilling that collapsed in 2011, leaving R.I. taxpayers on the hook for $75 million in state-backed bond financing. The suit to recover some or all of thatRI Wants To Open Records In 38 Studios Lawsuithttp://ripr.org/post/ri-wants-open-records-38-studios-lawsuit
50391 as http://ripr.orgMon, 04 May 2015 18:56:33 +0000RI Wants To Open Records In 38 Studios LawsuitScott MacKay The state’s lawsuit over failed video game company 38 Studios will move forward. Superior Court Judge Michael Silverstein dismissed some of the counts, but allowed key parts of the state’s lawsuit to move ahead. Silverstein's 98-page decision goes through each of the 16 counts brought against 14 defendants. Those defendants include former 38 Studios executives, former officials with the state’s Economic Development Corporation, former Red Sox pitcher Curt Schilling, and a collection of lawyers and financial institutions. Rhode Island Public Radio Political Analyst Scott MacKay read the decision, talked to the experts, and joined All Things Considered Host Dave Fallon to make sense of the latest legal twist. Do you have insight or expertise on this topic? Please email us, we'd like to hear from you. news@ripr.org Conversation: Winners & Losers in 38 Studios Lawsuithttp://ripr.org/post/conversation-winners-losers-38-studios-lawsuit
20846 as http://ripr.orgThu, 29 Aug 2013 16:55:50 +0000Conversation: Winners Catherine WelchRhode Island’s lawsuit over failed video game company 38 Studios will move forward. Superior Court judge Michael Silverstein dismissed some of the counts, but allows key parts of the state’s lawsuit to move ahead. (Read the judge's 98-page decision here.) When video game maker 38 Studios went belly up after receiving a $75 million state loan guaranty, it left taxpayers in the lurch for roughly $100 million. The state sued former company executives, former officials with the state’s Economic Development Corporation, former Red Sox pitcher Curt Schilling, and a collection of lawyers and financial institutions. The 14 defendants tried to get the lawsuit dismissed, but Judge Silverstein went through each count with a scalpel, dismissing some of the counts, or some of the defendants, but allowing key parts of the lawsuit to move forward. This includes counts of negligent misrepresentation, fraud and legal malpractice. The state claims 38 Studios knew that the $75 million dollars wasn’tRI Judge Allows Bulk of 38 Studios Lawsuit to Move Aheadhttp://ripr.org/post/ri-judge-allows-bulk-38-studios-lawsuit-move-ahead
20779 as http://ripr.orgWed, 28 Aug 2013 18:20:27 +0000RI Judge Allows Bulk of 38 Studios Lawsuit to Move Ahead